We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Fortinet (FTNT) Stock Moves -0.62%: What You Should Know
Read MoreHide Full Article
The most recent trading session ended with Fortinet (FTNT - Free Report) standing at $59.11, reflecting a -0.62% shift from the previouse trading day's closing. This move was narrower than the S&P 500's daily loss of 1.39%. Meanwhile, the Dow gained 0.6%, and the Nasdaq, a tech-heavy index, lost 2.77%.
The network security company's shares have seen an increase of 0.56% over the last month, not keeping up with the Computer and Technology sector's gain of 1.25% and the S&P 500's gain of 4.43%.
The investment community will be paying close attention to the earnings performance of Fortinet in its upcoming release. The company is slated to reveal its earnings on August 6, 2024. The company's upcoming EPS is projected at $0.41, signifying a 7.89% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1.4 billion, up 8.6% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.76 per share and a revenue of $5.79 billion, signifying shifts of +7.98% and +9.22%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Fortinet. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.32% higher. Fortinet presently features a Zacks Rank of #3 (Hold).
With respect to valuation, Fortinet is currently being traded at a Forward P/E ratio of 33.83. Its industry sports an average Forward P/E of 30.44, so one might conclude that Fortinet is trading at a premium comparatively.
One should further note that FTNT currently holds a PEG ratio of 2.42. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Internet - Software industry was having an average PEG ratio of 1.78.
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 93, placing it within the top 37% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Fortinet (FTNT) Stock Moves -0.62%: What You Should Know
The most recent trading session ended with Fortinet (FTNT - Free Report) standing at $59.11, reflecting a -0.62% shift from the previouse trading day's closing. This move was narrower than the S&P 500's daily loss of 1.39%. Meanwhile, the Dow gained 0.6%, and the Nasdaq, a tech-heavy index, lost 2.77%.
The network security company's shares have seen an increase of 0.56% over the last month, not keeping up with the Computer and Technology sector's gain of 1.25% and the S&P 500's gain of 4.43%.
The investment community will be paying close attention to the earnings performance of Fortinet in its upcoming release. The company is slated to reveal its earnings on August 6, 2024. The company's upcoming EPS is projected at $0.41, signifying a 7.89% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1.4 billion, up 8.6% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.76 per share and a revenue of $5.79 billion, signifying shifts of +7.98% and +9.22%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Fortinet. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.32% higher. Fortinet presently features a Zacks Rank of #3 (Hold).
With respect to valuation, Fortinet is currently being traded at a Forward P/E ratio of 33.83. Its industry sports an average Forward P/E of 30.44, so one might conclude that Fortinet is trading at a premium comparatively.
One should further note that FTNT currently holds a PEG ratio of 2.42. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Internet - Software industry was having an average PEG ratio of 1.78.
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 93, placing it within the top 37% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.